Wednesday, March 12, 2008

SPEED Channel About To Expand Facility

Speed Channel Inc. will expand its Charlotte headquarters, creating 34 jobs and investing $37.8 million over the next three years.

The motorsports and multimedia company employs 73 workers in Charlotte.

Wages for the additional 34 jobs will vary by job function, but the average pay is expected to be $61,765 per year, not including benefits. The average annual salary in Mecklenburg County is $48,724.

Speed Channel, a wholly owned subsidiary of News Corp. and Fox Networks Group, produces and broadcasts automotive and motorsport-related programs primarily on cable and satellite networks. Speed Channel recently launched a high-definition version of its network and is also active across broadband, mobile and other emerging media.

According to the office of N.C. Gov. Mike Easley, the expansion was made possible in part by a $34,000 grant from the One North Carolina Fund, a program that encourages business expansions and relocations to the state.

"The motorsports industry is one of the fastest-growing and highest-paying in our state, with an economic impact of about $6 billion a year," Easley says. "We welcome this expansion, which will strengthen our reputation as a motorsports powerhouse."

Speed Channel, formerly known as Speedvision, moved to Charlotte from Connecticut in 2001. Since then, the network has taken on a much more pronounced NASCAR flavor.

This story is just out today, when we get some additional information about what this expansion means for NASCAR fans, we will pass it along.